2022-03-31-accounts - Belz Foundation Ltd

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REGISTERED COMPANY NUMBER: 05423453 (England and Wales) REGISTERED CHARITY NUMBER: 1112150

Report of the Trustees and

Financial Statements for the Year Ended 31 March 2022

for

Belz Foundation Ltd

Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ

Belz Foundation Ltd

Contents of the Financial Statements for the Year Ended 31 March 2022

		Page
Report of the Trustees	1	to	3
Report of the Independent Auditors	4	to	6
Statement of Financial Activities		7
Balance Sheet		8
Cash Flow Statement		9
Notes to the Cash Flow Statement		10
Notes to the Financial Statements	11	to	16
Detailed Statement of Financial Activities		17

Belz Foundation Ltd

Report of the Trustees for the Year Ended 31 March 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the Charity are to raise funds, collect donations and apply the funds and income of the charity for the benefit of charitable purposes and particularly for the purpose of the advancement of the Jewish religious faith and the relief of poverty. The charity operates a voucher system to facilitate the receipt of donations and distribution of funds.

Public benefit

The trustees confirm their compliance with the duty to have due regard to the public benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives in planning future activities.

Grantmaking

Belz Foundation Limited makes donations to charitable institutions in accordance with its Articles of Association.

The trustees have personal knowledge of the recipient organisations and their trustees and are therefore able to ensure that donations made are utilised in accordance with the objectives of Belz Foundation Limited.

ACHIEVEMENT AND PERFORMANCE

The trustees consider that the performance of the charity this year has been most satisfactory. Substantial funds have been granted to institutions during the period from the contributions received from donors.

The Statement of Financial Activities shows a net surplus for the year of £4,806 after making combined total grants of £1,177,999 and the reserve stand at £8,613.

FINANCIAL REVIEW

Principal funding sources

The charity is pleased and fortunate to receive donations from a number of organisations and individuals.

Overall the charity has experienced a good year and hopes it will continue to do so next year.

Reserves policy

It is the charity's policy that only funds that have cleared the bank be allowed to be drawn by donor's via the voucher system.

The charity's trustees believe that reserves have to be maintained at a level equivalent to the donors donations, in order to be available to be distributed on the basis of their wishes.

FUTURE PLANS

The trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that the ability to generate sufficient income is maintained to achieve that end.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document memorandum and articles of association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and appointment of new trustees

The trustees are appointed according to the Articles of Association.

Page 1

Belz Foundation Ltd

Report of the Trustees for the Year Ended 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT Induction and training of new trustees

All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charities views of its progression.

New trustees undergo a briefing to ensure they are aware of both their legal and professional responsibilities under charity and company law.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

05423453 (England and Wales)

Registered Charity number

1112150

Registered office

1 Belz Terrace London E5 9SN

Trustees

J Baumgarten (resigned 6.8.22) A Klein S Rand Y M Sternlitcht

Company Secretary

J Baumgarten

Auditors

Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Belz Foundation Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

Page 2

Belz Foundation Ltd

Report of the Trustees for the Year Ended 31 March 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

there is no relevant audit information of which the charitable company's auditors are unaware; and
the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ A Klein - Trustee

Page 3

Report of the Independent Auditors to the Members of Belz Foundation Ltd

Opinion

We have audited the financial statements of Belz Foundation Ltd (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Page 4

Report of the Independent Auditors to the Members of Belz Foundation Ltd

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assess compliance with applicable laws and regulations that could reasonably be expected to have a

material effect on the financial statements. The key laws and regulations we have considered in this context included the Charities SORP (FRS 102). In addition, we have considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above.We discussed with management the extent of compliance with those laws and regulations as part of our audit procedures.

We address the risk of fraud through management override of controls, by obtaining an understanding of internal control and by designing audit procedures that are appropriate and sufficient. We evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates and judgements made by management. We identified and assessed any significant transactions that are unusual or outside the normal course of business, and we incorporated testing of manual journal entries and corrections into our audit approach.

-Our audit procedures were designed to identify and assess risks of material misstatement in the financial statements, whether due to fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve collusion, forgery, omissions, misrepresentations, or management override of controls. We communicated identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. The engagement partner considers the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations.

-There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through collusion. Our responsibility is to conclude whether the financial statements represent the underlying financial position and activities of the charity and to ensure that the overall content and presentation of the financial statements gives a fair view.

Page 5

Report of the Independent Auditors to the Members of Belz Foundation Ltd

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Adrian Heller FCA (Senior Statutory Auditor) for and on behalf of Martin+Heller Statutory Auditor 5 North End Road London NW11 7RJ

Date: .............................................

Page 6

Belz Foundation Ltd

Statement of Financial Activities for the Year Ended 31 March 2022

Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 1,185,831 EXPENDITURE ON Charitable activities 3 Donations 1,177,999 Other 3,026 Total 1,181,025 NET INCOME/(EXPENDITURE) 4,806 RECONCILIATION OF FUNDS Total funds brought forward 3,807 TOTAL FUNDS CARRIED FORWARD 8,613	Restricted fund £ - - - - - - -	31.3.22 Total funds £ 1,185,831 1,177,999 3,026 1,181,025 4,806 3,807 8,613	31.3.21 Total funds £ 1,371,005 1,397,457 1,378 1,398,835 (27,830) 31,637 3,807

The notes form part of these financial statements

Page 7

Belz Foundation Ltd

Balance Sheet 31 March 2022

Unrestricted Restricted fund fund Notes £ £ CURRENT ASSETS Debtors 9 230,000 - Cash at bank 89,376 - 319,376 - CREDITORS Amounts falling due within one year 10 (274,930) - NET CURRENT ASSETS 44,446 - TOTAL ASSETS LESS CURRENT LIABILITIES 44,446 - CREDITORS Amounts falling due after more than one year 11 (35,833) - NET ASSETS 8,613 - FUNDS 13 Unrestricted funds TOTAL FUNDS	31.3.22 Total funds £ 230,000 89,376 319,376 (274,930) 44,446 44,446 (35,833) 8,613 8,613 8,613	31.3.21 Total funds £ 20,000 36,512 56,512 (7,705) 48,807 48,807 (45,000) 3,807 3,807 3,807

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

.............................................

A Klein - Trustee

The notes form part of these financial statements

Page 8

Belz Foundation Ltd

Cash Flow Statement

for the Year Ended 31 March 2022

Notes Cash flows from operating activities Cash generated from operations 1 Interest paid Net cash provided by/(used in) operating activities Cash flows from financing activities New loans in year Loan repayments in year Net cash (used in)/provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period	31.3.22 £ 58,027 (996) 57,031 - (4,167) (4,167) 52,864 36,512 89,376	31.3.21 £ (98,927) (103) (99,030) 50,000 - 50,000 (49,030) 85,542 36,512

The notes form part of these financial statements

Page 9

Belz Foundation Ltd

Notes to the Cash Flow Statement for the Year Ended 31 March 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.22 £ Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) 4,806 Adjustments for: Interest paid 996 Increase in debtors (210,000) Increase/(decrease) in creditors 262,225 Net cash provided by/(used in) operations 58,027 2. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS At 1/4/21 Cash flow At £ £ Net cash Cash at bank 36,512 52,864 36,512 52,864 Debt Debts falling due within 1 year (5,000) (5,000) Debts falling due after 1 year (45,000) 9,167 (50,000) 4,167 Total (13,488) 57,031		31.3.21 £ (27,830) 103 (20,000) (51,200) (98,927) 31/3/22 £ 89,376 89,376 (10,000) (35,833) (45,833) 43,543

The notes form part of these financial statements

Page 10

Belz Foundation Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
	31.3.22	31.3.21
	£	£
Donations	1,185,831	1,371,005

continued...

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Belz Foundation Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

3. CHARITABLE ACTIVITIES COSTS Donations 4. GRANTS PAYABLE Donations Amud Hatzdokoh Trust Belz Synagogue Chavrei Shas Clapton Support & Advice Dover Sholem Community Trust Merkaz Torah Vechesed Ltd Moreshet Hatorah Ltd Shaare Tzedek Yesamach Levav Trust Less than £20,000 5. SUPPORT COSTS Other resources expended 6. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration	31.3.22 £ 1,177,999	Grant funding of activities (see note 4) £ 1,177,999 31.3.21 £ 1,397,457
		41,879
		51,718
		40,000
		50,023
		194,620
		50,795
		141,424
		25,000
		44,866
		537,674

		1,177,999

	31.3.22 £ 850	Governance costs £ 3,026 31.3.21 £ 1,200

continued...

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Belz Foundation Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 1,371,005 EXPENDITURE ON Charitable activities Donations 1,397,457 Other 1,378 Total 1,398,835 NET INCOME/(EXPENDITURE) (27,830) RECONCILIATION OF FUNDS Total funds brought forward 31,637 TOTAL FUNDS CARRIED FORWARD 3,807 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other debtors	Restricted fund £ - - - - - - - 31.3.22 £ 230,000	Total funds £ 1,371,005 1,397,457 1,378 1,398,835 (27,830) 31,637 3,807 31.3.21 £ 20,000

continued...

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Belz Foundation Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22 £ Bank loans and overdrafts (see note 12) 10,000 Trade creditors 315 Other creditors 262,215 Accrued expenses 2,400 274,930 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.22 £ Bank loans (see note 12) 35,833 12. LOANS An analysis of the maturity of loans is given below: 31.3.22 £ Amounts falling due within one year on demand: Bank loans 10,000 Amounts falling between one and two years: Bank loans - 1-2 years 10,000 Amounts falling due between two and five years: Bank loans - 2-5 years 25,833 Amounts falling due in more than five years: Repayable by instalments: Bank loans more 5 yr by instal - 13. MOVEMENT IN FUNDS Net movement At 1/4/21 in funds At £ £ Unrestricted funds General fund 3,807 4,806 TOTAL FUNDS 3,807 4,806		31.3.21 £ 5,000 - - 2,705	31.3.21 £ 5,000 - - 2,705
		7,705
		31.3.21 £ 45,000
		31.3.21 £ 5,000
		10,000
		30,000
		5,000 31/3/22 £ 8,613 8,613
			8,613

continued...

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Belz Foundation Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

13. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 1,185,831 1,185,831	Resources expended £ (1,181,025 ) (1,181,025 )	Movement in funds £ 4,806
			4,806

Comparatives for movement in funds

At 1/4/20 £ Unrestricted funds General fund 31,637 TOTAL FUNDS 31,637 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 1,371,005 TOTAL FUNDS 1,371,005	Net movement in funds £ (27,830) (27,830) Resources expended £ (1,398,835 ) (1,398,835 )	At 31/3/21 £ 3,807 3,807 Movement in funds £ (27,830	31/3/21 £ 3,807
			3,807
		(27,830

A current year 12 months and prior year 12 months combined position is as follows:

		Net
		movement
	At 1/4/20	in funds	At 31/3/22
	£	£	£
Unrestricted funds
General fund	31,637	(23,024)	8,613
TOTAL FUNDS	31,637	(23,024)	8,613

Page 15

continued...

Belz Foundation Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

13. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds General fund TOTAL FUNDS	Incoming resources £ 2,556,836 2,556,836	Resources expended £ (2,579,860 ) (2,579,860 )	Movement in funds £ (23,024) (23,024)

14. RELATED PARTY DISCLOSURES

Donations received by the charity include the following amounts which were received from charities which have trustees in common with Belz Foundation Limited:

Cosmon (Belz) Ltd	77,900
Bourneheights Limited	45,600

Donations paid by the charity include the following amounts which were paid to charities which have trustees in common with Belz Foundation Limited:

Chevras Mo'oz Ladol	10,437
Moreshet Hatorah Limited	141,424

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Belz Foundation Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

INCOME AND ENDOWMENTS Donations and legacies Donations Total incoming resources EXPENDITURE Charitable activities Grants to institutions Support costs Governance costs Auditors' remuneration Sundries Legal fees Bank interest Bank loan interest Total resources expended Net income/(expenditure)	31.3.22 £ 1,185,831 1,185,831 1,177,999 850 820 360 95 901 3,026 1,181,025 4,806	31.3.21 £ 1,371,005 1,371,005 1,397,457 1,200 75 - 103 - 1,378 1,398,835 (27,830)

This page does not form part of the statutory financial statements

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